US Stocks Tumbled On High Oil Price

US stocks fell sharply yesterday after fresh investor concerns over new surge in crude oil prices.
The Dow Jones Industrial Average dropped 38.79 points, or 0.38 percent, to 10,208.80 on a volume of 1.5 billion shares. The tech-heavy Nasdaq composite slumped 16.78 points, or 0.87 percent, to 1,914.88.

The broad-market Standard and Poor's 500 index dipped 3.67 points, or 0.33 percent, to 1,111.47.

Stocks opened sharply lower after news that US retail sales slumped a steeper-than expected 1.1 percent last month.

The market had already been in a stew watching a cautious outlook on profit margins from Intel company.

"The price of oil and Intel are the two major concerns today," said Art Hogan, chief market analyst at Jefferies and Co, who added that low volume was adding to volatility.